BANKS AND TRUST COMPANIES 405

One member of such Board shall be designated by the Governor to serve
until June 1, 1937, one member until June 1, 1939, and one member
until June 1, 1941, and after said several dates each member appointed
shall serve for a term of six years or until his successor has been appointed
and qualified. In case of vacancy in the Board for any reason, the Gover-
nor shall appoint a member for the remainder of the unexpired term. The
members of the Banking Board shall receive no salary for their services as
such, but their expenses incurred in attending meetings shall be paid out
of the State Treasury on certificate of the Bank Commissioner and upon
warrants of the Comptroller. The Comptroller shall be a member of said
Board ex-officio.

Said Banking Board shall be subject to the call of the Bank Commis-
sioner, to confer and consult with the Bank Commissioner in any matter
concerning the business of banking or banking institutions in the State of
Maryland upon which the Bank Commissioner reqiiests their advice and
counsel. The Board's functions shall be purely advisory, to assist the
Bank Commissioner with sound and impartial guidance as additional pro-
tection in maintaining the business of banking and banking institutions
throughout the State in such manner as will give the fullest possible pro-
tection to the interests of depositors and stockholders in the banking insti-
tutions of the State.

The members of said Banking Board shall take the oath and be bound
by the provisions of Section 23 of this Article as to all facts and informa-
tion obtained by them in the performance of their official duties, or in con-
nection with any confidential reports submitted to them by the Bank
Commissioner.

Banks.

An. Code. 1924, sec. 20. 1912, sec. 20. 1910, ch. 219, sec. 20 (p. 10). 1920, ch. 268, sec. 20.
1924, ch. 266, sec. 20. 1931, ch. 294, sec. 20. 1933, ch. 528, sec. 20.

29. Any number of persons, not less than five, citizens of the United
States and a majority of them citizens of this State, may hereafter asso-
ciate to establish a bank under this Article upon the terms and conditions
and subject to the liabilities prescribed herein. The capital stock for
any bank shall not be less than twenty-five thousand dollars ($25,000.00)
in cities, towns or villages having up to fifteen thousand (15,000)
inhabitants, and shall not be less than seventy-five thousand dollars
($75,000.00) in cities, towns or villages, having more than fifteen thou-
sand (15,000) and up to fifty thousand (50,000) inhabitants, and shall
not be less than one hundred thousand dollars ($100,000.00) in cities,
towns and villages having more than fifty thousand (50,000) and up to
one hundred and fifty thousand (150,000) inhabitants, and shall not be
less than five hundred thousand dollars ($500,000.00) in any city, town
or village having more than one hundred and fifty thousand inhabitants
(150,000); the number of inhabitants in each case to be ascertained or
determined by the last Federal or State enumeration; and no bank shall
start business until all of the capital stock provided for in its charter and
an additional sum equal to 20% thereof, as surplus shall have been paid
for in full in money and no payment shall be regarded as made by the
delivery of any note, security or property of any kind as a substitute
for money, except as otherwise provided by law. Provided that this
section shall not apply to any person, co-partnership, incorporated bank,
or other incorporated institution now engaged in the banking business